Crypto-Friendly Bank Revolut Receives UK Banking License

Crypto-friendly bank Revolut finally obtained a banking license in the UK more than three years after applying. Revolut said on Thursday that it has entered the "mobilization stage" of the Prudential Regulation Authority (PRA), which is designed for new banks to operate under restrictions. This approval means that Revolut is becoming a mature bank in the UK and has obtained a license to provide cryptocurrency services. For several years, Revolut has allowed the buying and selling of cryptocurrencies and launched an independent cryptocurrency exchange for experienced traders earlier this year. (CoinDesk) Earlier news, according to the Wall Street Journal, Revolut plans to sell employee shares worth about $500 million. The report quoted people familiar with the matter as saying that the deal would increase Revolut's value to $45 billion. Revolut has been in talks with investment company Greenoaks on the sale, which, if completed successfully, may pave the way for its potential initial public offering (IPO). It is reported that early employees of start-ups usually receive stocks as part of their compensation, which they can sell when the company goes public. Revolut may allow employees to cash out their shares while increasing the company's valuation before its IPO.